VEU.AX vs. SEMI.AX

Last updated Jul 16, 2026

VEU.AX (Vanguard All-World ex-US Shares Index ETF) and SEMI.AX (Global X Semiconductor ETF) are both Global Equities funds - VEU.AX tracks the Vanguard All-World ex-US Shares Index Index while SEMI.AX tracks the Global X Semiconductor Index. Both are passively managed. Over the past 3 years, VEU.AX returned 17.07%/yr vs 56.20%/yr for SEMI.AX. A 0.54 correlation means they provide meaningful diversification when combined.

Performance

VEU.AX vs. SEMI.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in Vanguard All-World ex-US Shares Index ETF (VEU.AX) and Global X Semiconductor ETF (SEMI.AX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VEU.AX achieves a 8.18% return, which is significantly lower than SEMI.AX's 73.20% return.

VEU.AX

• 1D: -0.73%
• 1M: -1.21%
• 6M: 4.42%
• YTD: 8.18%
• 1Y: 18.44%
• 3Y*: 17.07%
• 5Y*: 10.68%
• 10Y*: 10.36%

SEMI.AX

• 1D: -5.18%
• 1M: -8.58%
• 6M: 56.90%
• YTD: 73.20%
• 1Y: 121.94%
• 3Y*: 56.20%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

VEU.AX vs. SEMI.AX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VEU.AX Vanguard All-World ex-US Shares Index ETF	8.18%	23.17%	16.80%	14.76%	-8.44%	-0.47%
SEMI.AX Global X Semiconductor ETF	73.20%	43.80%	35.17%	69.12%	-30.92%	15.60%

Correlation

The correlation between VEU.AX and SEMI.AX is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (All Time) Calculated using the full available price history since Aug 27, 2021	0.54

The correlation between VEU.AX and SEMI.AX has been stable across timeframes, ranging from 0.48 to 0.54 - a consistent structural relationship.

Return for Risk

VEU.AX vs. SEMI.AX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VEU.AX

VEU.AX Risk / Return Rank: 51
VEU.AX Sharpe Ratio Rank: 51
VEU.AX Sortino Ratio Rank: 52
VEU.AX Omega Ratio Rank: 57
VEU.AX Calmar Ratio Rank: 44
VEU.AX Martin Ratio Rank: 51

SEMI.AX

SEMI.AX Risk / Return Rank: 95
SEMI.AX Sharpe Ratio Rank: 96
SEMI.AX Sortino Ratio Rank: 92
SEMI.AX Omega Ratio Rank: 92
SEMI.AX Calmar Ratio Rank: 97
SEMI.AX Martin Ratio Rank: 96

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

VEU.AX vs. SEMI.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard All-World ex-US Shares Index ETF (VEU.AX) and Global X Semiconductor ETF (SEMI.AX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	VEU.AX	SEMI.AX	Difference
Sharpe ratio: Return per unit of total volatility	1.46	3.30	-1.84
Sortino ratio: Return per unit of downside risk	2.10	3.70	-1.60
Omega ratio: Gain probability vs. loss probability	1.29	1.50	-0.22
Calmar ratio: Return relative to maximum drawdown	1.83	8.01	-6.17
Martin ratio: Return relative to average drawdown	7.08	25.91	-18.83

VEU.AX vs. SEMI.AX - Sharpe Ratio Comparison

The current VEU.AX Sharpe Ratio is 1.46, which is lower than the SEMI.AX Sharpe Ratio of 3.30. The chart below compares the historical Sharpe Ratios of VEU.AX and SEMI.AX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VEU.AX vs. SEMI.AX - Drawdown Comparison

The maximum VEU.AX drawdown since its inception was -23.05%, smaller than the maximum SEMI.AX drawdown of -38.85%. Use the drawdown chart below to compare losses from any high point for VEU.AX and SEMI.AX.

Drawdown Indicators

	VEU.AX	SEMI.AX	Difference
Max Drawdown Largest peak-to-trough decline	-23.05%	-38.85%	+15.80%
Max Drawdown (1Y) Largest decline over 1 year	-9.87%	-14.32%	+4.45%
Max Drawdown (3Y) Largest decline over 3 years	-9.87%	-32.53%	+22.66%
Max Drawdown (5Y) Largest decline over 5 years	-18.46%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-23.05%	—	—
Current Drawdown Current decline from peak	-2.39%	-14.32%	+11.93%
Average Drawdown Average peak-to-trough decline	-5.33%	-10.86%	+5.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.60%	4.48%	-1.88%

Volatility

VEU.AX vs. SEMI.AX - Volatility Comparison

The current volatility for Vanguard All-World ex-US Shares Index ETF (VEU.AX) is 3.99%, while Global X Semiconductor ETF (SEMI.AX) has a volatility of 15.14%. This indicates that VEU.AX experiences smaller price fluctuations and is considered to be less risky than SEMI.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VEU.AX	SEMI.AX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.99%	15.14%	-11.15%
Volatility (6M) Calculated over the trailing 6-month period	11.17%	29.63%	-18.46%
Volatility (1Y) Calculated over the trailing 1-year period	12.40%	34.76%	-22.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.20%	31.62%	-20.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.70%	31.62%	-19.92%

Dividends

VEU.AX vs. SEMI.AX - Dividend Comparison

VEU.AX's dividend yield for the trailing twelve months is around 2.65%, less than SEMI.AX's 7.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SEMI.AX Global X Semiconductor ETF	7.62%	5.60%	3.44%	0.54%	0.96%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VEU.AX Vanguard All-World ex-US Shares Index ETF	2.65%	3.11%	3.69%	4.26%	3.33%	3.09%	2.32%	3.17%	1.63%	0.87%	1.05%	1.21%

Frequently Asked Questions

Can I hold both VEU.AX and SEMI.AX in my portfolio?

VEU.AX and SEMI.AX have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between VEU.AX and SEMI.AX?

VEU.AX tracks Vanguard All-World ex-US Shares Index Index, while SEMI.AX tracks Global X Semiconductor Index. They also come from different issuers: Vanguard and Global X.